M-Pesa Brokers 2025
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 2025.
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 10 highest-rated brokers that accept M-Pesa:
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1
Deriv
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$50.01 Lots1:1000MFSA, LFSA, BVIFSC, VFSC, FSC, SVGFSACFDs, Multipliers, Accumulators, Synthetic Indices, Forex, Stocks, Options, Commodities, ETFsDeriv Trader, Deriv X, Deriv Go, MT5, cTrader, TradingViewNeteller, Visa, Skrill, WebMoney, FasaPay, Perfect Money, Diners Club, Banxa, Paytrust, Wire Transfer, Mastercard, Credit Card, JCB Card, Sticpay, Trustly, Volet, Paysafecard, AstroPay, Maestro, Airtm, Boleto, JetonCash, Przelewy24, Bitcoin Payments, PIX Payment, Airtel, M-PesaUSD, EUR, GBP -
2
Exness
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100.01 Lots1:UnlimitedCySEC, FCA, FSCA, CMA, FSA, CBCS, BVIFSC, FSC, JSCCFDs, Forex, Stocks, Indices, Commodities, CryptoExness Trade App, Exness Terminal, MT4, MT5, TradingCentralWire Transfer, Credit Card, Visa, Mastercard, Bitcoin Payments, Boleto, Airtel, Debit Card, Neteller, Skrill, Perfect Money, Sticpay, AstroPay, Cashu, FasaPay, WebMoney, M-PesaUSD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, DKK, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR, KRW, MXN, KES, CNY -
3
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, IFSCCFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, EnergiesMT4, MT5, TradingCentralCredit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-PesaUSD, EUR, GBP, JPY -
4
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 -
5
FBS
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$50.01 Lots1:30 (EU & Restricted Countries), 1:3000 (Global)ASIC, CySEC, FSCCFDs, Forex, Indices, Shares, CommoditiesFBS App, MT4, MT5Visa, Neteller, Skrill, Wire Transfer, Rapid Transfer, Mastercard, Credit Card, AstroPay, Maestro, Debit Card, Doku Wallet, FasaPay, Perfect Money, Sticpay, M-Pesa, JCB Card, Bitwallet, PIX PaymentUSD, EUR -
6
LiteFinanceRebate on payment fees
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$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 Payments, SticpayUSD, EUR -
7
BDSwiss
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$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 -
8
TopFX100% Universal Bonus T&Cs Apply
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$500.01 Lots1:500CySEC, FSACFDs, Forex, Shares, Indices, Metals, Energies, ETFs, CryptocurrencyMT4, cTrader, AutoChartist, TradingCentralVisa, 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, Bitwallet, Przelewy24, Sofort, iDealUSD, EUR, GBP -
9
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 -
10
Vault Markets200% Account Opening Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$50.01 Lots1:1000FSCAForex, Stocks, Indices, Commodities, CryptocurrenciesMT4, MT5Mastercard, Visa, M-Pesa, Wire Transfer, Debit Card, Bitcoin PaymentsUSD, ZAR
Here is a short overview of each broker's pros and cons
- Deriv - Established in 1999, Deriv is an innovative broker now serving over 2.5 million global clients. The firm offers CFDs, multipliers and more recently accumulators, alongside its proprietary derived products which can't be found elsewhere, providing flexible short-term trading opportunities.
- Exness - 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.
- XM - XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been delivering low trading fees across its growing roster of 1000+ instruments. It’s also highly regulated, including by ASIC and CySEC and offers a comprehensive MetaTrader experience.
- 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).
- FBS - 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 - 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 - 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.
- 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 | CFDs, Multipliers, Accumulators, Synthetic Indices, Forex, Stocks, Options, Commodities, ETFs | Deriv Trader, Deriv X, Deriv Go, MT5, cTrader, TradingView | 1:1000 |
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$10 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | Exness Trade App, Exness Terminal, MT4, MT5, TradingCentral | 1:Unlimited |
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$5 | CFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, Energies | MT4, MT5, TradingCentral | 1:1000 |
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$100 | Forex, CFDs, Indices, Shares, Energies, Metals, Cryptos | CMTrading Webtrader, MT4 | 1:200 |
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$5 | CFDs, Forex, Indices, Shares, Commodities | FBS App, MT4, MT5 | 1:30 (EU & Restricted Countries), 1:3000 (Global) |
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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 | CFDs, Forex, Shares, Indices, Metals, Energies, ETFs, Cryptocurrency | MT4, cTrader, AutoChartist, TradingCentral | 1:500 |
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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 |
Deriv
"Deriv is ideal for active traders seeking alternative and unique ways to speculate on global financial markets, from multipliers and accumulator options to its bespoke synthetic indices, which mimic real market movements and are available 24/7, allowing for continuous trading opportunities regardless of market hours."
Christian Harris, Reviewer
Deriv Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Multipliers, Accumulators, Synthetic Indices, Forex, Stocks, Options, Commodities, ETFs |
| Regulator | MFSA, LFSA, BVIFSC, VFSC, FSC, SVGFSA |
| Platforms | Deriv Trader, Deriv X, Deriv Go, MT5, cTrader, TradingView |
| Minimum Deposit | $5 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, GBP |
Pros
- Account funding is a breeze with a very low minimum deposit of $5 and a huge selection of payment options, plus Tether was added to the cashier in 2023.
- Although response times trail alternatives in our personal experience, Deriv offers 24/7 support and is one of the few brokers to offer WhatsApp assistance.
- After integrating TradingView and adding MT5 web trader, Deriv now offers a first-class selection of charting tools across desktop, web and mobile devices.
Cons
- Apart from the MFSA in the EU, Deriv lacks top-tier regulatory credentials, reducing the level of safeguards like access to investor compensation.
- Although there’s a basic blog, there's little in terms of technical analysis or market reports which could help active traders identify potential opportunities.
- While the Academy launched in 2021 is a step in the right direction, there is limited education on advanced trading topics for seasoned traders and no live webinars to upskill new traders.
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."
Exness Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
| Regulator | CySEC, FCA, FSCA, CMA, FSA, CBCS, BVIFSC, FSC, JSC |
| Platforms | Exness Trade App, Exness Terminal, MT4, MT5, TradingCentral |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:Unlimited |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, DKK, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR, KRW, MXN, KES, CNY |
Pros
- Improved execution speeds, now averaging under 25ms, offer optimal conditions for short-term traders.
- Exness was the first brokerage to pass the $1 trillion and $2 trillion marks in monthly trading volumes, highlighting its legitimacy.
- Exness Terminal offers a streamlined experience for beginners with dynamic charts while setting up watchlists is a breeze.
Cons
- Exness has expanded its range of CFDs and added a copy trading feature, but there are still no real assets such as ETFs, cryptocurrencies or bonds
- 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 and the UK, limiting accessibility compared to top-tier brokers like Interactive Brokers.
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, even earning our ‘Best MT4/MT5 Broker’ award in recent years."
XM Quick Facts
| Bonus Offer | $30 No Deposit Bonus When You Register A Real Account |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, Energies |
| Regulator | ASIC, CySEC, DFSA, IFSC |
| Platforms | MT4, MT5, TradingCentral |
| Minimum Deposit | $5 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, GBP, JPY |
Pros
- XM’s customer support has delivered over years of testing, with 24/5 assistance in 25 languages, response times of <2 minutes and now a growing Telegram channel.
- XM’s growing roster of 1,000+ instruments provides diverse short-term trading opportunities, with unique turbo stocks, fractional shares, and more recently thematic indices.
- 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.
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.
- Although trusted and generally well-regulated, the XM global entity is registered with the weak IFSC regulator and UK clients are no longer accepted, reducing its market reach.
- XM relies solely on the MetaTrader platforms for desktop trading, so there’s no in-house downloadable or web-accessible solution for a more beginner-friendly user experience with unique features.
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
- 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
- The broker supports the powerful MetaTrader 4 platform plus a proprietary Webtrader and a bespoke social trading feature
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
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, MT5 and highly leveraged trading opportunities up to 1:3000 for experienced traders."
FBS Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Indices, Shares, Commodities |
| Regulator | ASIC, CySEC, FSC |
| Platforms | FBS App, MT4, MT5 |
| Minimum Deposit | $5 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (EU & Restricted Countries), 1:3000 (Global) |
| Account Currencies | USD, EUR |
Pros
- FBS offers lightning-fast execution speeds from just 10 milliseconds, placing it among the industry leaders for highly active traders like scalpers who demand rapid order processing.
- 24/7 customer support that performed excellently during testing is available, alongside a $5 minimum deposit, high leverage options, and a huge variety of 200+ funding options, making it ideal for traders with small accounts.
- 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.
Cons
- 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.
- Investor protection is only available for clients within the EU, meaning global traders may not be protected if their account goes negative, significantly increasing the risk to your funds.
- 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 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
- Great trading platform support with MT4, MT5 and a proprietary app
- High leverage available up to 1:500
- Low starting deposit of $50
Cons
- Not overseen by any top-tier regulator
- Some complaints online about difficulties withdrawing funds
- Wide spreads on the Classic account
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
- The broker continues to offer superb market research with daily expert insights, the Autochartist market scanning tool, and a forex heatmap
- 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
- BDSwiss offers an excellent suite of education resources for beginners including webinars, eBooks and seminars
Cons
- There's a $30 inactivity fee after 90 days which is higher than several top competitors, including XM which only charges $5
- The lack of a top-tier regulator like the CySEC or ASIC brings down the trust score
- The range of 250+ assets is mediocre compared to most leading brokers which typically offer 1000+
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."
TopFX Quick Facts
| Bonus Offer | 100% Universal Bonus T&Cs Apply |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Shares, Indices, Metals, Energies, ETFs, Cryptocurrency |
| Regulator | CySEC, FSA |
| Platforms | MT4, cTrader, AutoChartist, TradingCentral |
| Minimum Deposit | $50 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP |
Pros
- Active traders get reliable trade execution with speeds under 25ms, combined with consistent pricing, no slippage or requotes, and fast deposits and withdrawals during testing.
- TopFX continues to deliver first-class support following years of real-money trading with responses on live chat in minutes and email replies in 24 hours for technical assistance.
- 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 three flexible accounts (Zero, Raw and VIP).
Cons
- 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 only two platforms (cTrader and MT4), so there's no option to trade with MT5 or the increasingly popular TradingView. The lack of a proprietary platform for beginner traders is also an entry barrier.
- 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.
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 |
Pros
- There's a decent range of educational resources, including trading strategies, webinars and platform tutorials
- The broker offers an easy to use, beginner-friendly proprietary trading platform with 4 chart types and social trading features
- There are no deposit and withdrawal fees which is ideal for active traders
Cons
- The SVGFSA is a weak financial regulator with limited safeguarding measures
- There's a very small list of binary assets with just 100 on offer compared to 1000+ offered by some competitors
- Very expensive $50 dormancy fee after 3 months of no trading activity
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
- A specialist broker for African traders
- Leverage up to 1:1000 is higher than most competitors
- DMA broker with tight raw spreads available
Cons
- Poor range of educational content and extras
- No demo account makes it difficult for traders to test broker's services
- No top-tier regulatory oversight raises safety issues
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 2025.
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.