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 further afield, including Kenya, Tanzania, Mozambique, the Democratic Republic of the Congo, Lesotho 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 2026.
We also rank and list the best brokers that support M-Pesa deposits and withdrawals.
Best M-Pesa Brokers in Pakistan
After thorough testing, these are the 6 highest-rated brokers that accept M-Pesa:
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- Demo account
- Platforms: MT4, MT5, TradingCentral
- Min. deposit: $5
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- Demo account
- Min. deposit: $0
- Min. trade: 0.01 Lots
73-89% of retail investor accounts lose money when trading CFDs -
- Demo account
- Instruments: CFDs, Forex, Indices, Shares, Commodities
- Regulator: ASIC, CySEC, FSCA, FSC
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- Demo account
- Regulator: FSC
- Platforms: Web, MT4, MT5, cTrader
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- Demo account
- Min. deposit: $10 (varies by account and payment method)
- Min. trade: 0.01 Lots
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- Demo account
- Regulator: CySEC, FSA, BVI
- Min. deposit: $50
Learn how we test brokers and why you can trust our ratings.
Here is a short overview of each broker's pros and cons
- XM 4.8/5 XM is a globally recognized forex and CFD broker with 20+ million clients in 190+ countries. Since 2009, this trusted broker has been delivering low trading fees across its growing roster of 1000+ instruments. It also offers a comprehensive MetaTrader experience that we've observed firsthand placing test trades.
- Pepperstone 4.8/5 Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 830,000 clients worldwide. It offers access to 1,400+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, helping to ensure a secure environment for day traders at all levels.
- FBS 4.3/5 Founded in 2009, FBS is an award-winning CFD broker operating in over 150 countries with a client base exceeding 27 million traders. Traders are supported at every stage of their journey with 24/7 assistance, market analytics, trading calculators, and competitive pricing with zero commissions.
- LiteFinance 4.0/5 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.
- Exness 4.1/5 Established in 2008, Exness has maintained its position as a highly respected broker, standing out with its industry-leading range of 40+ account currencies, growing selection of CFD instruments, and intuitive web platform complete with useful extras like currency convertors and trading calculators.
- TopFX 3.8/5 TopFX, a Cyprus-headquartered company, has been an instrumental player in the financial services industry since its establishment in 2010, earning a solid reputation as a reliable broker for active traders. Initially, the company offered liquidity services to institutional clients, including hedge funds, banks, and brokers. However over the years, TopFX has grown to include retail traders in its clientele. It was one of the first brokers in the world to offer cTrader, a testament to its commitment to innovation.
Compare The Best M-Pesa Brokers
| Broker | Minimum Deposit | Instruments | Platforms | Leverage |
|---|---|---|---|---|
| XM | $5 | CFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, Energies | MT4, MT5, TradingCentral | 1:1000 |
| Pepperstone | $0 | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto CFDs, Spread Betting | Pepperstone Trading Platform, MT4, MT5, cTrader, TradingView | 1:30 (Retail - UK, EU, Australia), 1:500 (Pro), 1:200 (Offshore), 1:400 (Kenya) |
| FBS | $5 | CFDs, Forex, Indices, Shares, Commodities | FBS App, MT4, MT5 | 1:3000 |
| LiteFinance | $10 | Forex, CFDs, indices, shares, commodities, cryptocurrencies | Web, MT4, MT5, cTrader | 1:1000 (Crypto 1:50) |
| Exness | $10 (varies by account and payment method) | CFDs on Forex, Stocks, Indices, Commodities, Crypto | Exness Trade App, Exness Terminal, MT4, MT5, TradingCentral | 1:Unlimited (via offshore entities) |
| TopFX | $50 | CFDs, Forex, Shares, Indices, Metals, Energies, ETFs, Cryptocurrency | MT4, MT5, cTrader, AutoChartist, TradingCentral, Quantower | 1:500 |
Community Sentiment
See how users rate these brokers based on the average customer ratings submitted on DayTrading.com, plus ratings from Trustpilot, the Apple App Store and Google Play.
| Broker | Our Users' Rating | Trustpilot Score | Trustpilot Reviews | iOS App Rating | Android App Rating |
|---|---|---|---|---|---|
| XM | 3100 | ||||
| Pepperstone | 3703 | ||||
| FBS | 10227 | ||||
| LiteFinance | 687 | ||||
| Exness | 33679 | ||||
| TopFX | - | 486 |
XM
With a low $5 minimum deposit, advanced charting platforms in MT4 and MT5, expanding range of markets, and a Zero account offering spreads from 0.0, XM provides all the essentials for active traders.
Christian Harris, Reviewer
XM quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, Energies
- Regulator
- CySEC, DFSA, FSCA, SCA, FSA, FSC-Belize, FSC-Mauritius, CMA-Kenya, CMA-UAE
- Platforms
- MT4, MT5, TradingCentral
- Minimum Deposit
- $5
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, JPY, ZAR
Pros
- XM’s Zero account is ideal for day trading with spreads from 0.0 pips, 99.35% of orders executed in <1 second, and no requotes or rejections.
- XM stands out for its commitment to trader education, with a wealth of well-presented resources, including webinars, tutorials, and even real-time trading sessions through XM Live.
- XM has rolled out platform upgrades with integrated TradingView charts and an XM AI assistant, delivering faster execution, smarter analysis, and a sleeker, more intuitive trading experience.
Cons
- While the XM app stands out for its usability and exclusive copy trading products, the selection of technical analysis tools needs to be improved to meet the needs of advanced traders.
- XM is falling behind the curve by not offering cTrader, which is favored over MetaTrader by some serious traders for its smoother user experience and superior charting package.
- XM relies solely on the MetaTrader platforms for desktop trading, so there’s no in-house downloadable solution for a more beginner-friendly user experience with unique features.
Pepperstone
Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/5 support (18h a day on weekends).
Christian Harris, Reviewer
Pepperstone quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto CFDs, Spread Betting
- Regulator
- FCA, ASIC, CySEC, BaFin, DFSA, SCA, SCB, CMA-Kenya
- Platforms
- Pepperstone Trading Platform, MT4, MT5, cTrader, TradingView
- Minimum Deposit
- $0
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
Pros
- Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing and friendly agents knowledgeable about its products and trading tools.
- Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates up to 30% (index and commodities) and $3/lot (forex) through the Active Trader program.
- Offers a dedicated CopyTrading app for traders who want a less active approach to trading, available in some countries.
Cons
- Execution may not feel as reliable in fast markets as headline speeds suggest. In our own testing, execution was fast at desired prices, but some community complaints focus on slippage, stop-loss fills and spread-sensitive order triggers during volatile conditions.
- Despite improvements to its range of markets, crypto CFD offerings are still fairly limited compared to other brokers who focus on this area, such as Eightcap, and there's no option to invest in real coins.
- Overnight holding fees are higher than that found with some Market Maker brokers (usually Benchmark + 2.5%). This makes pepperstone an ideal broker for day traders and forex scalpers but less suitable for swing traders who often keep position open overnight.
FBS
FBS is an excellent choice for day traders at every level and budget, with just a $5 minimum deposit and intensive academy for aspiring traders alongside access to MT4 and MT5.
Christian Harris, Reviewer
FBS quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Indices, Shares, Commodities
- Regulator
- ASIC, CySEC, FSCA, FSC
- Platforms
- FBS App, MT4, MT5
- Minimum Deposit
- $5
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, AUD, JPY
Pros
- The trading firm has picked up over 90 awards and amassed more than 27 million clients, making it one of the largest and most established brokers globally.
- The introduction of the FBI Assistant has given active traders useful, AI-powered intelligence to assess charts and patterns with potential trade ideas that can be executed in one click.
- 24/7 customer support that performed excellently during testing is available, alongside a $5 minimum deposit, and a huge variety of 200+ funding options, making it ideal for traders with small accounts.
Cons
- There are only four base currencies available - EUR, USD, AUD and JPY (region dependant) - which isn't practical for minimizing currency conversion fees for many global traders, and is especially striking given the broker’s user base spans over 150 nations.
- Although the FBS app offers a terrific mobile trading experience for aspiring traders and MT4/MT5 cater to advanced traders, the absence of cTrader and TradingView, which are increasingly offered by alternatives like Pepperstone, will deter day traders familiar with these platforms.
- Despite enhancing the selection of currency pairs, now providing over 70, FBS still trails industry leaders like BlackBull Markets in its market offering with a particularly narrow selection of commodities and indices.
LiteFinance
LiteFinance will suit traders seeking a long-standing broker to trade forex, stocks, commodities, indices, cryptocurrencies, and newer assets like equity perpetuals. The social trading system will also suit investors looking to learn from seasoned traders, though careful risk controls are required when copy trading.
Tobias Robinson, Reviewer
LiteFinance quick facts
- Demo Account
- ✔Yes
- Instruments
- Forex, CFDs, indices, shares, commodities, cryptocurrencies
- Regulator
- FSC
- Platforms
- Web, MT4, MT5, cTrader
- Minimum Deposit
- $10
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR
Pros
- Fast and reliable customer support based on testing
- Social trading service
- Good range of forex pairs
Cons
- Wide spreads on the Classic account
- Not overseen by any top-tier regulator
- Some complaints online about difficulties withdrawing funds
Exness
After slashing its spreads, improving its execution speeds and support trading on over 100 currency pairs with more than 40 account currencies to choose from, Exness is a fantastic option for active forex traders looking to minimize trading costs.
Christian Harris, Reviewer
Exness quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs on Forex, Stocks, Indices, Commodities, Crypto
- Regulator
- FSCA, CMA-Kenya, FSA, CBCS, BVIFSC, FSC, JSC, FCA (B2B only), CySEC (B2B only)
- Platforms
- Exness Trade App, Exness Terminal, MT4, MT5, TradingCentral
- Minimum Deposit
- $10 (varies by account and payment method)
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR, KRW, MXN, KES, CNY
Pros
- Fast and dependable 24/7 multilingual customer support via telephone, email and live chat based on hands-on tests.
- Excellent range of account types for all experience levels, including Cent, Pro plus the introduction of Raw Spread, ideal for day traders.
- Exness Terminal offers a streamlined experience for beginners with dynamic charts while setting up watchlists is a breeze.
Cons
- Apart from a mediocre blog, educational resources are woeful, especially compared to category leaders like IG which provide a more complete trading journey for newer traders.
- Retail trading services are unavailable in certain jurisdictions, such as the US, UK, EU, and more recently India, limiting accessibility compared to top-tier brokers like Interactive Brokers.
- MetaTrader 4 and 5 are supported, but TradingView and cTrader still aren’t despite rising demand from active traders and integration at alternatives like Pepperstone.
TopFX
TopFX is a strong choice for day trading due to ultra-low latency with execution times under 25 milliseconds. It also offers access to advanced charting platforms, MT4 and cTrader, with tight spreads and low commissions that can significantly reduce costs for active traders.
Christian Harris, Reviewer
TopFX quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Shares, Indices, Metals, Energies, ETFs, Cryptocurrency
- Regulator
- CySEC, FSA, BVI
- Platforms
- MT4, MT5, cTrader, AutoChartist, TradingCentral, Quantower
- Minimum Deposit
- $50
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP
Pros
- TopFX has finally added MT5, offering reliable integration with a robust charting and tooling package for multi-asset traders seeking the latest software from MetaQuotes.
- Active traders get excellent trade execution with speeds under 25ms, combined with consistent pricing, minimal slippage or requotes, and fast deposits and withdrawals during testing.
- TopFX is committed to supporting a diverse range of day traders, including those who prefer manual, algorithmic, and strategy-based trading with a choice of flexible accounts.
Cons
- Although it produces in-house market analysis content, notably the Daily Market Digest, and includes Autochartist and Trading Central, the woeful educational offering is limiting for beginners, especially compared to category leaders like XTB.
- Despite a growing selection of 600+ instruments, you can't invest directly in real assets, such as stocks, ETFs, and crypto, and TopFX does not offer interest on uninvested cash like alternatives such as IBKR.
- TopFX supports three platforms (cTrader, MT4 and MT5), but there's no option to trade on the increasingly popular TradingView. The lack of a proprietary platform for beginner traders is also an entry barrier.
How Did We Choose The Best M-Pesa Brokers?
To uncover the top M-Pesa brokers, we:
- Leveraged our directory of 143 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 200+ 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. It operates across its African markets through businesses associated with Safaricom and Vodacom. Its core M-Pesa-branded markets include Kenya, Tanzania, Mozambique, the Democratic Republic of the Congo, Lesotho and Ethiopia. Related Vodacom mobile money services are also available in markets such as Egypt and South Africa, although these are not necessarily branded as M-Pesa.
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 2026.
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 or supported markets, you can trust that your payments are fairly secure 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. It uses a tiered fee structure whereby users are charged fees based on the amount of funds they are sending, depositing, or withdrawing.
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.
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.