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.
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.
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. Not all forex brokers accept US clients, but we do – and we offer some of the lowest spreads in the industry.