Mpesa forex brokers

The number of forex brokers that accept M-pesa for deposits and withdrawals is still relatively low.

No deposit forex bonuses

Forex Brokers that accept M-Pesa, mpesa forex brokers.

Despite this fact, some big international forex brokers offering good trading conditions already do support using M-pesa. Here is a list of some of the most popular brokers that allow forex trading and support the use of M-pesa as a funding method. Between 74-89% of retail investor accounts lose money when trading cfds.

Forex brokers that accept M-pesa

Forex brokers that accept M-pesa offer the opportunity to deposit and withdraw funds from a forex account using the M-pesa payment channel. The M-pesa payment channel is particularly popular in kenya and tanzania, but its popularity is also increasing throughout afghanistan, mozambique and india. M-pesa is coined from a swahili term: “m” stands for “mobile” and “pesa” stands for “money”. M-pesa is a mobile payment method set up by vodafone’s kenyan partner, safaricom as a means of transferring payments using mobile phone technology.

This payment solution was devised as a means of helping unbanked populations get financial inclusion. Most payment channels on forex platforms require access to conventional banking methods. Without financial inclusion, the unbanked are locked out of this market. For the large unbanked populations in africa and other areas, M-pesa has changed this narrative and offers access to the forex market via forex brokers that accept M-pesa on their platforms.

What forex brokers accept M-pesa

The number of forex brokers that accept M-pesa for deposits and withdrawals is still relatively low. Despite this fact, some big international forex brokers offering good trading conditions already do support using M-pesa. Here is a list of some of the most popular brokers that allow forex trading and support the use of M-pesa as a funding method.

Cfds are complex instruments and come with a high risk of losing money rapidly due to leverage.

Between 74-89% of retail investor accounts lose money when trading cfds.

You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

¹ variable spreads vary according to the current market conditions, recorded for EUR/USD on 06.05.2020 at 10:42 GMT+1.

* available to traders outside the european economic area.

Why forex brokers accept M-pesa?

Forex brokerage services were not originally offered to many emerging market economies until a full decade after the market was deregulated in 1997. Therefore, some of the peculiarities of the traditional financial systems of these economies were not accommodated in the design of payment channels for forex trading. The use of credit cards, bank wires and e-wallets all depends on the users within the target markets, owning and operating bank accounts. Given that some countries in africa have unbanked populations that are as high as 85%, forex brokers that target such market using conventional payment channels typically miss out on a huge segment of their target market. Some FX brokers have realized this and are now offering payment channels that are specifically tailored towards the unbanked populations in these underserved countries. This is how M-pesa came to be used as a payment channel that targets countries where there is a good penetration of mobile technology without commensurate financial inclusion. Ironically, some of these countries have large populations of people who already operate in the online gaming niche, where M-pesa features prominently. While nearly 50% of the whole population of kenya has an mpesa account, in other african countries, such as ghana, rwanda, or tanzania often dominate other mobile money providers such as airtel money, MTN mobile money, tigo pesa, ecocash or orange money.

M-pesa as a funding method

M-pesa targets the unbanked populations and is a form of mobile money. It enables the user to use his or her phone number as the account number. Typically, the regulators of the communications industry mandate the telecom companies to register all SIM card owners in a country using biometric registration methods. Therefore, a phone number can be assigned to an individual with a biometric stamp, ensuring that the number is unique to the individual and cannot be duplicated anywhere else. This process in itself enhances the know-your-customer requirements that forex brokers must fulfil when onboarding a new client.

The user then registers on the M-pesa platform and is assigned a unique set of login details. Verification of the user’s identity and address is done through submission of a government-issued ID card and other relevant documents.

Benefits of FX brokers that use M-pesa

The benefits of using an FX broker that accepts M-pesa are as follows:

A) very fast deposits and withdrawals: transaction times are very fast, as transfers are done instantly.

B) it is cashless, which means that traders do not need to carry large amounts of money. In countries with high denomination notes and high exchange rates to the US dollar, this is very convenient.

Drawbacks of FX brokers that use M-pesa

What are the drawbacks of using forex brokers that accept using M-pesa?

A) the initial verification process can be strenuous

B) the use of M-pesa is not widely available on forex platforms. This narrows the user’s choice of brokers.

Choosing a forex broker that accepts M-pesa

Presently, not many forex brokers accept M-pesa on their platforms, but the list is growing. You can either use one of the brokers listed above in which we verified they support M-pesa payment system or you can use online forums and other information sources to find out what the experience of other users of M-pesa forex brokers have been. Also, pay attention to other parameters to gauge the broker’s performance. You can do some test transactions to see how easy it is to make a deposit or withdraw funds from a set of M-pesa compliant forex brokers. You can also check out the quality of customer service from your first interaction with the forex broker as a prospect. Using these methods, you will find a forex broker that accepts M-pesa that is good for you.

Forex brokers that accept mobile money and mpesa (2021)

If you want mobile money’s convenience and instancy, then here are the forex brokers that accept mobile money.

Trading is stressful and risky enough; when you make the profits, you want a convenient way of withdrawing your forex trading profits.

The solution, mobile money: a convenient service by telecoms and finetechs driving financial inclusion in remote places beyond the reach of mainstream banking.

In this article are forex brokers that accept all the major mobile money services like MTN mobile money, airtel money, mpesa forex brokers, and ecocash forex brokers.

What is mobile money?

Mobile money is an electronic financial service using mobile devices to send and receive money.

It is widely popular in many african and asian countries with a low penetration of VISA and other online payment services.

Thanks to telecom companies, you can deposit to and withdraw money with forex brokers that accept mobile money and forex brokers using mpesa.

Forex brokers that accept mobile money and mpesa

Mobile money providers for funding A forex trading account

Forex brokers that accept MTN mobile money

MTN’s mobile money is arguably the most used mobile money service in africa.

So if you want to forex brokers that accept MTN MOMO in uganda, nigeria, ghana, guinea bissau, benin, ivory coast, cameroon, rwanda, and south africa, try exness, XM, and forextime (FXTM).

Forex brokers that accept airtel money.

Airtel provides a tremendous mobile money service for forex traders.

Exness, XM, and forextime (FXTM) are the forex brokers that accept airtel money from traders who live in any of these countries: uganda, kenya, burkina faso, democratic republic of congo (DRC), congo brazzaville, gabon, ghana, nigeria, malawi, chad, niger, rwanda, seychelles, sierra leone, tanzania, zambia, madagascar, bangladesh, india, and sri lanka.

Forex brokers using mpesa

The attraction of mpesa forex brokers is it enables locals use M-pesa – a popular mobile money payment service in kenya and tanzania.

Exness, XM, tickmill, and forextime (FXTM) are the best forex brokers that accept mpesa by safaricom in kenya and vodacom in tanzania

Forex brokers that accept ecocash

If you are a trader in zimbabwe, you are not left out; exness and XM are some of the forex brokers that accept ecocash.

Quick review of forex brokers that accept mobile money and mpesa

Exness

Exness is the best forex broker that accepts mobile money and mpesa. Withdrawals are instant 24/7.

Exness’ mobile money deposit and withdraw limit is $500

When you withdraw from XM, expect the money to land on your mobile wallet within 30 minutes to 2 hours. Once in awhile, withdrawals may take 24 hours.

XM’s mobile money deposit and withdraw limit is $500

FXTM – forextime

Forextime – FXTM accepts funding a forex trading account with mobile money wallets.

FXTM’s mobile money withdraw and deposit limit is $1,500

Advantages of trading with a broker that accepts mobile money.

Withdrawals and deposits are fast.

Mobile money is available 24 hours a day

A forex broker like exness provides instant withdrawals 24/7

Over to you – what is the best forex broker that accepts mobile money in your country?

Let me know which of these brokers provides the best mobile money experience? Is there a forex broker that accepts mobile money or a mobile money service we need to include on the list?

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Disclaimer

Forex and CFD trading are highly leveraged products. You may make a lot of money but, you risk losing your investment. Consider your investment options and choices wisely. Do not trade with money you are not comfortable to lose.

Forex brokers that accept mobile money and mpesa (2021)

If you want mobile money’s convenience and instancy, then here are the forex brokers that accept mobile money.

Trading is stressful and risky enough; when you make the profits, you want a convenient way of withdrawing your forex trading profits.

The solution, mobile money: a convenient service by telecoms and finetechs driving financial inclusion in remote places beyond the reach of mainstream banking.

In this article are forex brokers that accept all the major mobile money services like MTN mobile money, airtel money, mpesa forex brokers, and ecocash forex brokers.

What is mobile money?

Mobile money is an electronic financial service using mobile devices to send and receive money.

It is widely popular in many african and asian countries with a low penetration of VISA and other online payment services.

Thanks to telecom companies, you can deposit to and withdraw money with forex brokers that accept mobile money and forex brokers using mpesa.

Mobile money providers for funding A forex trading account

Forex brokers that accept MTN mobile money

MTN’s mobile money is arguably the most used mobile money service in africa.

So if you want to forex brokers that accept MTN MOMO in uganda, nigeria, ghana, guinea bissau, benin, ivory coast, cameroon, rwanda, and south africa, try exness, XM, and forextime (FXTM).

Forex brokers that accept airtel money.

Airtel provides a tremendous mobile money service for forex traders.

Forex brokers using mpesa

The attraction of mpesa forex brokers is it enables locals use M-pesa – a popular mobile money payment service in kenya and tanzania.

Exness, XM, tickmill, and forextime (FXTM) are the best forex brokers that accept mpesa by safaricom in kenya and vodacom in tanzania

Forex brokers that accept ecocash

If you are a trader in zimbabwe, you are not left out; exness and XM are some of the forex brokers that accept ecocash.

Quick review of forex brokers that accept mobile money and mpesa

Exness

Exness is the best forex broker that accepts mobile money and mpesa. Withdrawals are instant 24/7.

Exness’ mobile money deposit and withdraw limit is $500

When you withdraw from XM, expect the money to land on your mobile wallet within 30 minutes to 2 hours. Once in awhile, withdrawals may take 24 hours.

XM’s mobile money deposit and withdraw limit is $500

FXTM – forextime

Forextime – FXTM accepts funding a forex trading account with mobile money wallets.

FXTM’s mobile money withdraw and deposit limit is $1,500

Advantages of trading with a broker that accepts mobile money.

Withdrawals and deposits are fast.

Mobile money is available 24 hours a day

A forex broker like exness provides instant withdrawals 24/7

Over to you – what is the best forex broker that accepts mobile money in your country?

Let me know which of these brokers provides the best mobile money experience? Is there a forex broker that accepts mobile money or a mobile money service we need to include on the list?

From the blog

Brokers in africa

Brokers in asia

Brokers in europe

Brokers in middle east

Brokers in south america

Candlestick patterns

Discipline

Emotion

Forex broker reviews

Forex brokers

Forex trading

Infographics

Trading articles

Trading journal

Trading platforms

Trading psychology

Trading tools

Verification

Learn more

Disclaimer

Forex brokers that accept M-pesa

Compare brokers that accept M-pesa for deposits and withdrawals to and from your trading account.

Share to win a $1,000 amazon voucher. Find out more ▷

You can fund your 4XC account 24 hours a day, 7 days a week. When you fund your account through M-pesa, 4XC will instantly credit your balance. In comparison, it can take anywhere between 2 and 3 business days for bank transfers to complete. 4XC (4xc.Com) is the only broker in our panel to accept deposits through M-pesa.

At the time of writing, 4XC will credit your first deposit with a 50% bonus (capped at US$ 2,500) when you deposit through M-pesa. This offer is only available to new customers who have a kenyan phone number. Enquire about the bonus through 4xc.Com.

Please note that a flat 35 KES fee applies for deposits up to 1,500 KES. A 2.9% fee applies when you deposit over 1,500 KES.

Best execution

MT4 floating - instant execution

Trade 70+ currency pairs, spot indices, energies, metals and shares on floating spreads and instant . More trade 70+ currency pairs, spot indices, energies, metals and shares on floating spreads and instant execution. All eas are allowed.

$500 deposit

1:500 leverage ?

1.71 pips EUR/USD

Best conditions

Avatrade account [BVI]

Trade 55 currency pairs on fixed spreads, plus cfds on crypto-currencies, stocks, indices, bonds and. More trade 55 currency pairs on fixed spreads, plus cfds on crypto-currencies, stocks, indices, bonds and commodities. Avatrade accepts all metatrader eas except those with a focus on arbitrage.

$100 deposit

1:400 leverage ?

0.9 pips EUR/USD

Best platform

Premium account

Trade forex as well as cfds on cryptocurrencies, shares, indices and metals on floating spreads . More trade forex as well as cfds on cryptocurrencies, shares, indices and metals on floating spreads without commission. This account, designed for experienced traders, allows you to trade up to 60 lots per position.

$100 deposit

1:500 leverage ?

1.2 pips EUR/USD

Pro account

Professional account [EU]

$100 deposit

1:400 leverage ?

0.6 pips EUR/USD

Risk warning: cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 66-89% of retail investor accounts lose money when trading cfds. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

Forex brokers that accept M-pesa

Compare brokers that accept M-pesa for deposits and withdrawals to and from your trading account.

Share to win a $1,000 amazon voucher. Find out more ▷

Please note that a flat 35 KES fee applies for deposits up to 1,500 KES. A 2.9% fee applies when you deposit over 1,500 KES.

Best execution

MT4 floating - instant execution

$500 deposit

1:500 leverage ?

1.71 pips EUR/USD

Best conditions

Avatrade account [BVI]

$100 deposit

1:400 leverage ?

0.9 pips EUR/USD

Best platform

Standard ECN account [MT4]

Trade over 50 pairs of currencies as well as cfds on metals, indices and commodities through MT4 . More trade over 50 pairs of currencies as well as cfds on metals, indices and commodities through MT4 with this ECN account. Get fast execution speed over dedicated fibre optic links to new york.

$100 deposit

1:500 leverage ?

1.19 pips EUR/USD

Pro account

Professional account [EU]

$100 deposit

1:400 leverage ?

0.6 pips EUR/USD

Meet the forex brokers that accept payments via M-pesa

Trading is a global service and foreign exchange (forex) brokers usually work with traders from different countries. It’s important for traders to work with brokers who accept major currencies, especially in their region of origin.

Some forex brokers do not accept major currencies. But to stay relevant internationally, they accept payment methods for in-demand currencies. One of the most popular examples of these payment platforms is M-pesa, a mobile money system that uses the SIM card’s USSD feature.

M-pesa started as a mobile payment and money sending tool for person-to-person transactions in kenya, but it has grown to include consumer-to-business and B2B transactions, including payment of salaries to workers in very remote areas. It works by allowing individuals to deposit their cash to an account electronically through one of the M-pesa shops. Today, it’s a successful mobile money service in africa.

Forex brokers that accept M-pesa

Many well-regarded international forex brokerage companies use M-pesa, including fair forex. The widely accessible and easy to use platform guarantees big opportunities for businesses to expand their operations in african markets. Apart from fair forex, here are other brokers that accept payments via M-pesa.

The XM group is one of the global brokers that provide easy M-pesa deposits and withdrawals. The company’s account approval process is simple and handy, which makes the broker an appealing choice for traders. Unlike other brokers that deal with proof of residence issues upon opening an account, XM gets the approval without such issues.

All you need is an ID or any document validating your identity. If you encounter problems with the registration process, get in touch with their customer service team for swift support.

Liteforex

Another brokerage company accepting M-pesa is liteforex, a customer-oriented broker that allows deposits for the residents of tanzania and kenya. Its minimum deposit requirement is 1070, which, if you convert to USD, amounts to $10.

Their unique selling point is their customer-oriented policy, which simplifies the account opening process. They do not use any complex platform; just the common ones, such as the MT4 and MT5 trading platforms.

Templerfx

This company is known as the pioneer of the M-pesa deposits in kenya. Opening an account with templerfx is straightforward. Simply provide a document proving your residence in kenya plus an ID. Also, the company offers many payment methods, including electronic wallet, debit card, and bank wire.

If you wish to learn more about other brokers who accept M-pesa deposits, how M-pesa payment works, or how fair forex can help, get in touch with us today.

M-pesa forex brokers: what you need to know

When it comes to forex trading, at the end of the day, it is all about being able to transfer money to the account easily and safely. Without money on your trading account, you cannot start trading at all. Makes sense, right? Therefore, the rise of the forex market led to the emergence of more and more payment systems that offer their services to brokers everywhere around the globe, and unsurprisingly so. This has provided a great benefit for all sides of trading – brokers, traders, and the service providers themselves.

We have already discussed several main payment systems that have already taken their niche in the global trading market. But today we will focus on the very specific one – M-pesa. It is specific because it is mostly accepted in african countries like uganda, ghana, and kenya. Thus, the majority of forex brokers using M-pesa can be found there. In fact, we have witnessed a significant rise in forex trading in kenya using M-pesa. As the forex market is still not fully developed there, neither is the payment system that operated there. However, it is slowly but surely getting more streamlined and commonly accepted.

Trade with exceptional trading conditions on every type of live account!

Forex brokers that accept M-pesa

A number of well-regarded international forex brokerages have started accepting M-pesa payments. The ease of use of M-pesa system and the accessibility it provides for its users promises a great opportunity for these companies to expand their operations in the african markets.

Cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading cfds. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

M-pesa payment system general overview

M-pesa is an africa-based payment system that was launched by vodafone in 2007. Currently, that is the largest mobile transfer network in kenya and tanzania. However, as it is continually expanding and growing, it is now available in south africa, afghanistan, india, romania, and albania, with the exponentially growing number of F orex brokers that accept M-pesa.

Among the services provided by the company you may find:

Deposit and withdrawal of funds

Transfer of funds to other users

Payment of bills

Purchase of airtime

Save of funds in a virtual account called mshwari

Transfer of funds between the M-pesa account and a bank account

The platform itself is similar to the safaricom of kenya and vodacom of tanzania as it was created as a subsidiary of those. However, there are still some minor differences to it.

The system is basically using your mobile device as an e-wallet. Just by tying your SIM card and mobile account to the banking one, you can easily pay for services, products, utilities, as well as charge your forex trading account with money. With M-pesa sending money from one account to another is actually as easy as sending text messages, making M-pesa trade extremely accessible.

One thing to note would be, that the funds kept on M-pesa accounts are not actually controlled by the company itself, it is stored in safaricom headquarters. Which are, in turn, managed by the kenyan government that keeps this money in a vault. And it doesn’t just store this money, no. Those funds are going for the development of the economy as they are spread among different commercial banks and sectors. That is exactly what we mean when we say that the establishment of M-pesa benefits the whole economy. Therefore, if you are using its services, you become part of the process as well.

Moreover, everything about M-pesa operations is fully transparent. Meaning that the kenyan government closely manages the actions of the safaricom company in order not to allow it to affect the distribution of the funds raised by the M-pesa payment system in any way.

Transaction limitations and fees charged

The main factor that dictates for much the users of the M-pesa forex trading account will be charged depends on whether the user is registered or not. For instance, traders within kenya will be charged with the 66 kshs fee for transfer to any of unregistered traders in case if the amount of the transfer is between 101-500 kshs. But if the transfer is going to the registered user, then the fee will be 27 kshs for the same transfer amount. Meanwhile, the maximum amount of the transfer can be 35,000 kshs with a fee of 275 kshs for unregistered users. Through a number of corporate agreements, however, transaction to a number of platforms was made extremely easy, such as transaction from S krill to M-pesa that can be done in microseconds.

Different locations of M-pesa forex brokers

As noticed previously, the forex trading brokers working with M-pesa are usually located in african countries. But let’s take a look at where exactly those brokers are based.

Kenya

The sizable portion of brokerage companies from the list of best M-pesa forex brokers are located in kenya. Notably, the payment system came to kenya in 2007 when the local company, safaricom, decided to establish its own money transfer network. Once the government saw the growth of the company’s share, the kenyan finance minister decided to check up on the company in order to find some fraudulent actions. However, it failed to do so and the company continued to attract even more loyal customers. Thus, the overall amount of estimated cash flow of all transfers managed reached KES. 2.1 trillion in 2014, which, in turn, showed a 28% growth since 2013. Also, hotforex is among the latest forex brokers that accept mpesa deposits in kenya.

Afghanistan

Yet another country with dozens of licensed FX brokers allowing M-pesa payments is afghanistan. The company was brought here in 2008 by the local mobile service provider, roshan. Interestingly, the company is responsible not only for controlling the forex brokers‘ transactions but also for salary payment to policemen, control over merchant payments, peer-to-peer transfers, loan disbursements, and other types of payments.

Tanzania

The service was launched here in 2007 by vodacom. The service was showing impressive growth ever since it was launched. Thus, by 2013, M-pesa already had five million subscribers to its platform, and a certain portion of those are traders who are signed with the forex trading brokers working with M-pesa.

India

Another country that witnessed a rise in the number of forex brokers using M-pesa is india. The company was launched in india a bit later, in 2011, as a direct partner of ICICI bank.

South africa

The service was launched here in 2010 as there were millions of potential forex traders and simple users that did not have a bank account where they could store their funds. Therefore, in the next three years, approximately 10 million users were successfully registered. However, the growth stopped at some point because of several arguments with governmental policies. So now there are only 1 million subscribers that are transferring funds from an account to account with M-pesa. Thus, we may logically come to the conclusion that there are not many CFD brokers with M-pesa payment method available there, yet there is still hope that the number of F orex brokers accepting M-pesa will likely increase over time.

Regulations of brokerages from the M-pesa brokers list

As M-pesa seeks to reach a high level of transparency and reliability in operations for its users, it was regulated by a couple of regulators. Those are the UK’s financial conduct authority (FCA) and the payment card industry (PCI). The company also follows the KYC (know your customer) principle and, thus, requires all of its users to provide them with data that will be kept confidential but will help them to make sure that you are a real person who does not have any bad intentions for forex trading.

The first steps

Notably, one of the first-ever forex trading brokers with M-pesa withdrawal option was EGM securities. The brokerage was the pioneer of the african market that took a risk of using a young payment system and was not disappointed. That actually was a huge step for the whole forex market in african countries. As it gave those direct access to the rest of the global trading market. It advanced the depth of the financial market and improved economic growth, and acted as an incentive for the rising number of F orex broker with M-pesa deposit options.

Why is the number of forex brokers accepting M-pesa growing?

That phenomenon in countries like kenya might be explained by the fact that forex brokerage accepting M-pesa receives a number of benefits provided by the local payment system rather than paying larger fees for using foreign ones.

Meanwhile, M-pesa is truly a convenient tool for low-cost, fast and safe payment, transfer, and storage of money. Moreover, as everyone knows how tough and depressing is the economic situation in african countries, especially in countrysides. Thus, there is a common thing that relatives living in urban centers are often sending money to other family members who live in villages. And as it might be simply complicated and time-consuming to send money via post or in any other way, the M-pesa transfers of money comes in handy. Also if you are using M-pesa for forex trading purposes only, it still is a great option. As the transaction and administration fees are not as high as with other global payment systems.

Yet another bright side is that there is no minimum transfer amount. That means that everyone can use the service. All in all, M-pesa provides not only benefits for the ones who are into forex trading, but to all citizens. Cause the creation of such a financial platform leads to the development of the whole financial market as a result.

Even bill gates once said: „ kenya’s M-pesa proves that when people are empowered, they will use digital tech to innovate on their own behalf.“

Moreover, we would like to notice how the establishment of M-pesa leads to a decrease in corruption levels in such countries as south africa and afghanistan. As all transactions become transparent and traceable, that is easier for governmental institutions to control money laundering and find the scams easily.

How to fund your XM trader account with safaricom-mpesa in kenya

XM broker is one of the oldest forex brokers in the kenyan financial market. It was founded in 2009 and it has since grown to be a globally recognized brand with millions of traders registered in over 196 countries.

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The platform offers 1,000+ trading instruments spread across 6 financial assets: – forex, indices, commodities, stocks, metals, and energies.

And, it also features spreads as low as 0.6 pips, leverage as high as 888:1 with up to $5,000 bonus.

Other benefits in XM forex include: –

Personal account managers for account holders.

Free access to forex market research.

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How to trade with XM forex in kenya.

Trading is easy. At least if in the past you have tried exchanging one currency for another with the aim of making profits.

But if this is your first time reading about forex, then perhaps I’ll excuse you more time to learn before I can advise you to trade.

Or better, take some time and go through the steps involved in forex trading as outlined in the guide below.

Step 1 – define currency pairs.

Do you know the difference between the base and quote currency in currency pairs?

As money control puts it, the first currency in the pair is the base currency.

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The base currency is the currency against which exchange rates are quoted in a given country. Examples: USD/JPY, the US dollar is the base currency; in EUR/USD, the EURO is the base currency.

Quote currency on the other hand is the second currency in a currency pair.

It is the currency you are paying with.

For example, in the EUR/USD pair; the quote currency is the USD.

Note: – the base currency is always equal to one unit. And the price of a currency pair determines how much of the quote currency is needed to buy 1 base currency.

Example: – if a currency pair (EUR/USD) has a bid price for 1.04372, it means you will buy USD 1.04372 for every EUR you sell.

Step 2 – when is the best time to buy or sell a currency?

You should buy a currency if you believe the base currency will become more expensive.

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On the flip side, you should sell that currency pair if you think the price of the currency will fall.

Trading with metatrader 5 android mobile app.

Trading with XM forex is easy. After creating an account and validating it, the next step is to download either an MT4 (metatrader 4) or a metatrader 5 (MT5) trading software.

These are electronic trading platforms widely used by traders – globally. While MT4 is popularly used, its successor MT5 is better and this is why: –

MT5 is a multi-asset platform for over 1000 instruments.

You can view 100 charts simultaneously in MT5.

MT5 supports all order types, including market, pending, stop orders, and trailing stop.

Has over 80 technical indicators and over 40 analytical objects.

You can use it to trade on android & IOS phones.

Allows web trading for windows, mac, linux operating systems.

How to trade in XM with metatrader 5 android mobile app.

First, you need to login to your XM trader account or register here if you are new to trading. You can either register for a demo or a real account .

Next, download the MT5 trading software in play store and add your XM trading account by clicking on the plus sign on the menu bar.

Now that you are logged in to your metatrader 5 account for android, start trading.

To open the list of pairs available to trade, click on the two arrows at the bottom left in your trading app. Or click on the menu and select t the quotes tab to open the list.

Now click on your currency pair of choice then on new order to access the trade execution options (BUY or SELL),

Trading on a real XM trader account.

In order to trade on a real account and make real profits in XM forex, you’ll first need to validate your account then fund it. If you are in kenya, there are only two viable ways to verify/validate your forex account: –

By uploading your bank statements – should have your residential address in it.

By uploading your utility bills (water/electricity bills).

Knowing our country, I wouldn’t put too much emphases on uploading utility bills. The majority of kenyans are on prepaid subscriptions. Rather, I will show you how to validate your forex account with bank statements or KRA receipt in place of bills.

How to validate your XM forex account with KRA PIN/ID card.

Print either of the receipts that resonate with your recent KRA activities or apply for a tax compliance certificate.

Download the acknowledgment receipt sent to your email address.

Login to your XM account, click on the arrow next to your name, navigate to upload documents, scan and upload national ID. That’s it.

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 (in your base currency).

Confirm that you want to fund XM forex via dusupay.

You will see this message on your computer –

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.

Is hotforex A good forex broker for kenyans?: find out in our detailed review

If you are looking for a reputable forex broker in kenya, hotforex is the way to go. I will break it down for you in a nutshell.

Hotforex is one of the few online forex brokers that accept mpesa, which means ease of deposits and withdrawals for forex traders in kenya

You can open a micro trading account with as little as $5 (not that I recommend you start trading with only five dollars, but you know…)

Hotforex is an STP (straight through processor) broker which means your order is passed straight on to the liqudity providers and your bet is not hedged or manipulated like on using a market maker broker

And to top it up, hotforex offers some of the most generous bonuses to new traders. I particularly like the 100% credit bonus, which I shall be discussing shortly.

If you’re not the kind of person that likes lengthy discussions after the point has been made, this is the chance for you. Go open an account at hotforex. Use this link to claim your 100% credit bonus.

Does hotforex accept mpesa?

Yes. Hotforex accepts mpesa deposits and withdrawals. To deposit money into your hotforex account using mpesa, you’ll first need to log into your account at my.Hotforex.Com and then proceed to follow the instructions provided by the broker. The minimum deposit using mpesa is kes 1,000 ($10) and it takes less than 10 minutes for the money to be reflected in your trading account.

Open a live trading account

Hotforex review summary

feature	hotforex
minimum initial deposit	$50
forex: spot trading	yes
currency pairs (total forex pairs)	49
cfds - total offered	104
social trading / copy-trading	yes
cryptocurrency traded as actual	no
cryptocurrency traded as CFD	yes
average spread	1.2 pips on EUR/USD

Is hotforex regulated in kenya?

Hotforex is a legitimate forex broker that has been in the industry for more than 10 years. The broker is regulated by more than 3 reputable regulatory authorities including the financial conduct authority (FCA), which is one of the best regulatory authorities in the world.

This is one of the forex brokers that we highly recommend to kenyans as the they accept mpesa as a means of depositing and withdrawing money from your trading account.

We insist on trading with forex brokers that accept mpesa as the ease of depositing and withdrawing money into your forex account plays a major role on your journey to becoming a successful forex trader. Here is an up to date list of the best forex brokers that accept mpesa.

Hotforex account types

Hot forex offers 6 account types namely:

Micro account from only $5

Premium account from just $100

PAMM account for fund managers

Hotforex ZERO spread account

Unlimited risk free demo account

Which account type is right for you is a matter of personal choice. If you just trading for hobby, you’ll probably want to go with the micro account. Day traders and swing traders go for the premium account while scalpers are best suited with the hotforex zero spread account.

Is hotforex an ECN provider?

How long does it take to withdraw from hotforex?

One of the areas where hotforex fails miserably is on withdrawals. While many other brokers offer instant withdrawals, hotforex makes you wait anywhere from 3-24 hours to process withdrawal requests.